TOKYO – A global stocks sell-off deepened in Asia on Aug 5 as fears the US could be heading for recession sent investors rushing from risk assets while wagering interest rates will have to fall rapidly to rescue growth.
Japan’s Nikkei 225 Stock Average plunged 12.4 per cent as investor confidence crumbled on a surge in the yen, tighter monetary policy and broader concern about the US economy. South Korea’s Kospi index plunged 8.1 per cent, while Australia’s S&P/ASX200 tumbled 3.7 per cent. Hong Kong’s Hang Seng dropped 2 per cent, while the Shanghai Composite was down 1.2 per cent.The market rout underscores how quickly sentiment has shifted away from expectations that the Federal Reserve will be able to engineer a soft-landing for the US economy.and the jobless rate unexpectedly climbed for a fourth month to 4.
Oil prices started firmer amid concerns about a widening conflict in the Middle East, but worries about global demand soon dragged it down again. The dollar shed another 2.2 per cent on the Japanese yen at 143.10 yen, while the euro dived 1.9 per cent to 156.35 yen. The single currency was holding firm on the dollar at US$1.0934.
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